The Swiss bank sees the offering as part of how it builds a wealth management presence in mainland China and the Greater Bay Area, home to a significant number of affluent citizens.

UBS has officially launched a wealth management digital app to serve affluent Chinese clients in Shenzhen. The offering will eventually spread to other cities.

The roll-out is being done via UBS’s wholly-owned UBS Fund Distribution (Shenzhen) Company. The offering is called “WE.UBS”.

The service is the first digital wealth management platform in Asia-Pacific under UBS and the first digital-led wealth management platform launched by a global wealth manager in China, the Swiss banking group said in a statement earlier this week. 

The app blends a digital service model with financial planning based on Big Data and the views produced by the bank’s chief investment office. It provides local and global investment solutions, includes dedicated investor education and 24-hour tracking based on market developments.

“As the world’s largest wealth manager, it is our goal to be the leading global wealth manager and the #1 digital-first wealth advisor for our targeted clients in China,” Edmund Koh (pictured), president, UBS Asia-Pacific, said. 

The bank cited figures showing that the Greater Bay Area region, comprising more than 86 million people. The firm said there are an estimated 56 million Chinese affluent individuals, and a large number live in the GBA.

"Demand for professional wealth management services, delivered digitally, is growing exponentially in China.  Fllowing our launch in Shenzhen, we will focus on clients in the GBA before broadening out to other cities,” Iqbal Khan, president of global wealth management of UBS, said.